Whitehaven shares jump after reiterating FY guidance
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More news: Shares in Whitehaven Coal surged at market open after the coal miner reiterated its full-year guidance after a mixed September quarter.
Whitehaven shares were up 5.5% to $6.77 by 10:55am AEDT, making it the third best performing stock across the ASX 200.
Whitehaven reiterates FY guidance despite Q1 sales dip
The news: Coal miner Whitehaven Coal reiterated its full-year guidance despite a dip in sales during the September quarter.
The numbers: Whitehaven reported group run-of mine coal production of 9.7 million tonnes (Mt), down 1% compared to the previous quarter. Total equity sales of produced coal reduced 2% to 6.4 Mt quarter over quarter.
The miner said that unit cost of production, excluding royalties, was at the lower end of its guidance range of USD140 ($211) to USD155 per tonne for the quarter.
The context: Whitehaven's first quarter saw production at its Queensland operations rise 11% compared to the previous quarter. Queensland sales were up 13%, boosted by improved rail performance on the Goonyella line transporting coal from its Daunia mine.
However, production at Whitehaven's New South Wales mines lowered 12% on the June quarter, with equity sales down 16%. The company said that reliability of longwall operations at its Narrabri mine continued to improve, while a focus on overburden removal at NSW open cut mines was in line with its FY25 mine plans.
What they said: "I am pleased to report a solid start to FY25, with another strong quarter of production from our new Queensland operations, and our New South Wales operations delivering in line with plan," Whitehaven's managing director and chief executive Paul Flynn said.
The source: ASX announcement
